Bitcoin and Ethereum – Weekly Technical Analysis – July 12th, 2021
Bitcoin
Bitcoin, BTC to USD, fell by 2.93% in the week ending 11th July. Reversing a 1.53% gain from the previous week, Bitcoin ended the week at $34,244.0.
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In a mixed start to the week, Bitcoin rose to a Monday intraweek high $35,280.0 before hitting reverse.
Falling short of the first major resistance level at $37,017, Bitcoin slid to a Thursday intraweek low $32,063.0.
Bitcoin fell through the first major support level at $33,117 before a partial recovery to $34,200 levels.
4 days in the red that included a 4.55% slide on Monday delivered the downside for the week.
For the week ahead
Bitcoin would need to avoid the $33,862 pivot to support a run the first major resistance level at $35,662.
Support from the broader market would be needed for Bitcoin to break back through to $35,000 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $36,000 would likely cap any upside.
In the event of an extended breakout, Bitcoin could test resistance at $38,000 before any pullback. The second major resistance level sits at $37,079.
A fall through the $33,862 pivot would bring the first major support level at $32,445 into play.
Barring another extended sell-off, Bitcoin should steer clear of sub-$30,000 levels. The second major support level at $30,645 should limit the downside.
At the time of writing, Bitcoin was down by 0.02% to $34,237.0. A mixed start to the week saw Bitcoin rise to an early morning high $34,360.0 before falling to a low $34,051.0.
Bitcoin left the major support and resistance levels untested at the start of the week.
Ethereum
Ethereum slid by 7.85% in the week ending 11th July. Partially reversing a 17.04% rally from the previous week, Ethereum ended the week at $2,140.82.
After a bearish start to the week, Ethereum rose to a Wednesday intraweek high $2,411.19 before hitting reverse.
Falling short of the first major resistance level at $2,489, Ethereum slid to a Friday intraweek low $2,050.00.
Finding support at the first major support level at $2,057, Ethereum revisited $2,190 levels before easing back.
4-days in the red that included an 8.63% tumble on Thursday delivered the downside for the week.
For the week ahead
Ethereum would need to move through the pivot at $2,201 to bring the first major resistance level at $2,351 into play.
Support from the broader market would be needed, however, for Ethereum to break back through to $2,300 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended breakout, Ethereum could test the second major resistance level at $2,562. Ethereum would need plenty of support, however, to breakout from last week’s high $2,411.19.
Failure to move through the pivot at $2,201 would bring the first major support level at $1,990 into play.
Barring another extended sell-off in the week, Ethereum should steer clear of sub-$1,900 levels. The second major support sits at $1,839.
At the time of writing, Ethereum was up by 0.39% to $2,149.22. A mixed start to the week saw Ethereum fall to an early morning low $2,126.69 before rising to a high $2,150.77.
Ethereum left the major support and resistance levels untested at the start of the week.